LOL! You can change the subject of your topic to "Ramblings of a Spoiled Rich Kid!"

Please correct me if I am getting this wrong, but if I have to rephrase your long rant, which is more like a demand in a middle of a tantrum, into one single sentence, it would be: "Give me money so that I can buy all the things that I want, right now!"

However, if all of you spoiled brats will get what you want, it might spell doom for your country. If printing goes on without an increase in economic output, what good is printing? It will only result to a devalued currency.

Well, to each his own, but I don't think I'd go as far as this in order to memorize my seed phrase. As a matter of fact, even if I successfully memorized it because of this strategy, it will just be a matter of time before I forget it. After all, I probably won't be singing it every single day. And, if worst comes to worst, and you'll experience memory loss, there's nothing to remember anymore. So the best way would still be writing it down in multiple copies and keep it in different hidden places.

My opinion on beginners who want to get into crypto has always been that they stick to Bitcoin and HODL. That's best for starters, although it will prove to be the best for veterans as well. But they will have to realize that sooner or later because, as beginners, they are usually curious and very eager. There are just so many things to try and venture on. But pending enough research and knowledge, they could quench their eagerness by buying Bitcoin and HODLing them. Of course, they also need to know the basics of purchasing and storing their first Bitcoin. This is more or less enough to keep them safe.

But when the savior himself needed saving, there was no one. Although there was somebody who offered false hope, it was obvious it was not his intention considering that he was the one who made the final push that caused FTX to fall off the cliff.

Ironically, though, the one who shoved FTX off the cliff is now trying to portray himself as the new savior and redeemer with this "industry recovery fund" plan.

Apparently, however, if this pushes through, BlockFi would probably not qualify for even a small amount of this fund because it is, to a certain extent, an SBF baby already.

So there's probably no other way for BlockFi but 6 feet below the ground.


I would echo o_e_l_e_o and agree that crypto exchanges should be regulated. It's certainly too much that they are an exchange and accept deposits only to be using the same funds for lending, trading, investment, acquisition of other businesses, and other risky ventures. Other than this, they could also issue any amount of tokens and make so much money out of thin air.

As I've always been saying, the crypto market badly needs regulation. Crypto projects are created left and right, solicit investments, and scam exit. Platforms are launched everywhere, accept deposit, and pull the rug. And these are the same people who do this over and over again. Imagine Do Kwon scamming people through Luna and then proceeded to create Luna 2.0.

DeFi has to be regulated as well. Crypto lending also. The same goes to all kinds of crypto platforms offering unsustainable investment designs. Many of them are plain Ponzis offering unbelievably high APYs.

Something isn't right! Something has to be done!

This was a trend way back when the ICO hype was still strong. IOUs represent ICO tokens that are not yet distributed, either because the ICO hasn't started yet or it hasn't ended yet or the distribution date hasn't yet arrived. But the tokens are already traded by way of IOUs.

The latest that I heard of an IOU being traded is when the weird Justin Sun's Poloniex offered ETHS (representing Proof Of Stake ETH) and ETHW (representing Proof Of Work ETH) before the scheduled Merge and possible fork.


The regulators would probably go harder against crypto this time.

Crypto bigwigs are certainly doing harm instead of helping the original vision because they're after the money. They learned Bitcoin and went on to create centralized exchange platforms, centralized crypto banks, lending platforms, investment platforms, NFTs, shitcoins, and so on, all against the very reason why Bitcoin was created in the first place.

I have also been a long-time user of Blockfolio. I was a little discouraged to continue when it was changed to FTX, but I simply failed to find a better alternative. Eventually, I was forced to create a throw-away email for the sake of having a Coingecko portfolio tracker. I really don't understand why a tracker has to require users to sign up.

Anyway, it's so sad that the rest of the separate products and services acquired by FTX will also fall down along with the exchange and the research and trading firm. The former Blockfolio, for example, couldn't go insolvent and was probably earning nicely.

A newbie who's just been here for a few days or a week will probably think that a link just below the username isn't some big deal announcement. One might think there's always a link there about anything.

However, what's in the link is also something anybody must have stumbled upon in the news, whether mainstream business or finance news or crypto-related online news sites. It is even all over social media. I guess this is just the admin doing his part in spreading awareness.

Also, even if a newbie doesn't click on the link, the reminder is already there, concise and on point!

As they say, it takes two to tango. There are centralized exchanges preying on the money of innocent individuals. At the same time, there are also always uninformed individuals whose lack of awareness could only be blamed on themselves.

In terms of greed, both of them are guilty. There are people who don't want to just HODL their Bitcoin in a cold wallet because they can't earn from it. The funds are just sleeping, so they better invest them, trade them, and so on. On the other hand, there are also exchanges who can't keep their hands off their customers' money. They also trade them, lend them, and so forth. In the end, they will share the same fate. And this will probably go on and on and on.

It's just so unfortunate that instead of providing an alternative to the banks and the fiat system, crypto has ended up exactly mimicking the banks and the fiat system. Not only are they centralized, they also demand that personal information be provided. They freeze funds when they are suspicious. They issue nothing but numbers, meaning debts, while the real funds are used and risked somewhere else. They also issue their own coins out of thin air. But the worst part is that people are embracing it.


If Binance were to crash a week after FTX, there will probably still be a lot of wailing because of lost funds. If Coinbase were to follow a week thereafter, the same thing happens. Well, I guess this is just how we are.

I understand if some are going through severe depression during these trying times in crypto. Obviously, there are many whose lifetime savings are kept in FTX. It must be very painful to them. Even if they learned precious lessons out of it, they still won't be pacified. It's their savings that's lost. It's their hard work that is wasted. Their stuck funds could mean college education for their little children, a long family vacation abroad, a new house, a new car, and whatnot.

But this is what it is. You have to accept it. You have no choice. It's hard to swallow, but you have to.

I'd say get your money off centralized exchanges. That's regardless of whether there are rumors about them or not. Get them off exchanges regardless of whether they are insolvent or not, whether they have insurance or not, and so on. So get them off Crypto.com. Get them off Binance. Get them off Coinbase and others.

But this doesn't stop there. Get your money off any centralized platforms, not only exchanges. Get them off investment sites, lending platforms, swap platforms, and so on.

I hope this huge wave of suspicion on centralized exchanges started by the fall of FTX would put the spotlight on self-custody.

CZ is a big irony!

This man is like a broken record advising everybody to stay sAfU while promoting his centralized exchange. It's not sAfU to keep money in a centralized exchange. Safety and centralized exchange are antonyms; they're antithesis to each other.

He wants everybody to stay sAfU and yet he's forcing every single user of his exchange to provide personal information and leak and sell them afterwards. He wants them to stay sAfU and yet he's making his customers believe they can withdraw Bitcoin through different shitcoins' networks. He wants them to stay sAfU and yet he's offering lending and staking and other centralized d3Fi nonsense. He wants crypto users to stay sAfU and yet rather than echo Kraken's Powell's advice to withdraw their coins out of exchanges, he deliberately kills competing exchanges thereby causing users' money to get stuck.

A casino doesn't have to have ANN thread here. Even those that have signature campaigns on the forum doesn't have to open an ANN thread. It is an advantage to us, of course, if a casino has an ANN thread here, but if it doesn't, then you'd have to go through their other official contact channels. All of them have it. They either have a live chat support or an official email or social media accounts.

Campaign managers don't necessarily know what's going on with the casinos whose promotion here they manage. They're normally not part of the casino team, so the most that they could do is to relay whatever concerns, recommendations, complaints, and others users here have to their contact. I guess it's better to just communicate directly with the official communication lines of the casinos.

This is the reason why a number of Bitcoin supporters are somewhat happy with what's going on in the crypto industry right now; because this is one of the biggest illustrations of how crypto shouldn't be. Crypto shouldn't have been about centralized exchanges and lending platforms and investments for annual yield and staking and so on.

So, in a away, what's happening right now is helping the crypto market shake off those unsustainable, insecure, or simply unreasonable designs of crypto projects, platforms, services, and so forth.

In a way, the crypto market is going through catharsis right now. From a certain viewpoint, this is actually healthy to the industry. Some crypto services and products are not meant to last as they are only damaging the very vision of Satoshi and the spirit of Bitcoin.

At least for now, here are some of the projects that have funds stuck in either FTX investment or Alameda investment.



There will be many more of them considering that the FTX Group included in their bankruptcy filing some 134 companies and affiliated companies. These are just two of them.

I noticed some popular names in here. I've seen Nas Academy, Paxos, Circle, BlockFI, Mina Protocol, Sky Mavis, 1inch, BitOasis, and many more.

The fall of FTX Group could also mean the fall of some of these projects. And since some of these projects are lending companies, trust companies, or platforms that accept investments or simply money from their respective customers, the domino effect of FTX Group crumbling down is definitely massive.

I got this from a post by dwminer1. I don't know where he/she grabbed this from but it's indicated it's made by @WuBlockchain.

This is yet again another moment to go back to basics. We have been doing this a number of times. But since we're always failing to learn lessons, history is bound to repeat and we're once again forced to be reminded of the most fundamental principles of nothing else but Bitcoin.

When everything started, it wasn't about centralized exchanges, lending platforms, investment opportunities, security tokens, lending, and so on and so forth. It was purely about freedom, ownership, peer to peer, transparency, censorship resistance, and so on.

FTX, LUNA, Binance, Celsius, Voyager, BlockFi, and others are never about the fundamental principles of Bitcoin. And although they thrived following Bitcoin's success, they are basically anti-thesis to Bitcoin itself.

I can only hope that as soon as the dust settles down, there will be a significant change of behavior in the community, although I have doubts.

The inevitable has finally happened!

This is going to have a massive effect in the entire crypto industry and probably even outside of it. Within the FTX group alone, there are already more than 130 companies and affiliated companies that are falling down.

Outside of this huge FTX group, there are also more than a hundred that will be severely affected. This is not even counting individual partners and individual fund holders in any of the FTX platforms and those platforms that are heavily invested in FTX.

Needless to say, this will cause a massive domino effect that would see the entire crypto industry losing trust and confidence among individuals, institutions, and governments.

And all this happens just when the market has already begun to see some nice improvements. Talking of bad timing!

But to what extent are they really separate? In the first place, both are owned by SBF. And if SBF managed to take away billions of users' funds from FTX without necessarily asking permission or even informing its executives before transferring it to Alameda or use it for something else, can't he also not do the same with FTX US?

Right now, the exact relationship between FTX, FTX US, and Alameda are under investigation by the SEC. But even before any official finding is released, it's not rocket science to jump into conclusion that it has significant financial overlaps.

And even if FTX US is trying hard to distance itself away from FTX, repeatedly emphasizing that it is a separate entity and is independent, that it is not in any way affected by what's been happening with FTX, that it is 100% liquid, that its clients' assets are safe, very recent developments seem to disagree.

Now, they're selling assets, accordingly without necessarily informing SBF himself, probably to make it appear that they're indeed independent. But who are they fooling? What are these assets? These are the same assets acquired by SBF himself through FTX US and its mother company. That includes the naming rights of Miami Heat's arena.

At the end of the day, West Realm Shires Inc., the company to which FTX US belongs, is the same company that SBF used to bid $1.4 billion to acquire Voyager's assets just a couple of months ago. It is also the same company that provided BlockFi $250 million credit facility and a credit line extension of $680 million. It's also probably the same company from which SBF took millions for his political pledges.

So it is no wonder that BlockFi crumbles when FTX US crumbles, and FTX US crumbles if FTX crumbles.

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https://decrypt.co/114116/ftx-us-derivatives-ceo-funds-safe-entirely-separate

The funny thing with the crypto market, however, is that its being a wild wild west could either make or break you. Early in my crypto years, I had a lot of DOGE. It was a popular coin years ago-- even until now in fact-- and for somebody who's taught to diversify, DOGE was one of the options. It was way back when it was only worth tens of Sats. I had more than a million DOGE. Of course, I've let it go already. But had I HODLed it, I would have made a lot of Sats.

There are actually a number of stories of crypto owners who forgot their coins or their access. When they finally got hand of them, they were already worth so much more. That includes Bitcoin, of course.

But I am not in any way arguing against your points. I think they're all correct. I'm just sharing the other possible side of the story. It's not worth taking the risk for some luck, of course, especially today when there are way too many coins to choose from.

The once popular crypto lending platform BlockFi should have died earlier in the middle of the crypto winter. Thanks to the glorious savior and redeemer of the crypto industry, Sam Bankman-Fried, its timely death was prevented. $250 million of credit facility was injected into the platform to keep it afloat and survive the bearish months. It indeed survived.^[1]

But probably not for long. BlockFi is now forced not just to limit activities on the platform but also to halt withdrawals. While it continued operation despite the collapse of FTX, citing its $400 million credit line from FTX US, which is a separate entity from FTX and has been operating despite the latter's fall, the latest development could signal its eventual end.^[2]

Despite statements that FTX US is 100% liquid and that it is not in any way affected by what's happening with FTX international, it is now beginning to show serious signs that it will probably share the same fate with the latter. As a matter of fact, a banner has already been put on FTX US website saying "trading may be halted... in a few days.”^[3]

And along goes BlockFi as well!

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[1] https://www.cnbc.com/2022/06/22/sam-bankman-fried-rescues-crypto-lenders-blockfi-voyager.html
[2] https://cointelegraph.com/news/blockfi-limits-platform-activity-including-a-halt-on-client-withdrawals
[3] https://cointelegraph.com/news/ftx-us-announces-it-may-halt-trading-on-its-platform-in-a-few-days